<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg" alt="" class="wp-image-420940" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s national flag in Hong Kong. Photographer: Paul Yeung/Bloomberg</figcaption></figure>



BEIJING, Dec 21 (Reuters) &#8211; China, the world&#8217;s top processor of rare earths, on Thursday banned the export of technology to extract and separate the strategic metals, in a further step towards protecting its dominance in several strategic metals.



The commerce ministry sought public opinion last December on the potential move to add the technology to its &#8220;Catalogue of Technologies Prohibited and Restricted from Export&#8221;.



It also banned the export of production technology for rare earth metals and alloy materials as well as technology to prepare some rare earth magnets.



The catalogue&#8217;s stated aims include protecting national security and public interest.



China has significantly tightened rules guiding exports of several metals this year, in an escalating battle with the West over control of critical minerals.



It introduced export permits for chipmaking materials gallium and germanium in August, followed by similar requirements for several types of graphite since Dec. 1.



The move to protect its rare earth technology comes as Europe and the United States scramble to wean themselves off rare earths from China, which accounts for 90% of global refined output.



Rare earths are a group of 17 metals used to make magnets for use in electric vehicles, wind turbines and electronics.



China has mastered the solvent extraction process to refine the strategic minerals, which Western rare earth companies have struggled to deploy due to technical complexities and pollution concerns.



It is not clear to what extent the technology is actually being exported. China has discouraged its export since 2007, said a rare earths analyst, who declined to be named because of the sensitivity of the topic.



&#8220;Other countries like the U.S., Japan and France all have the separation technology but China has the top efficiency and cost advantage,&#8221; he said. (Reporting by Siyi Liu, Dominique Patton and Beijing newsroom; editing by Toby Chopra, Jason Neely, Kirsten Donovan and Tomasz Janowski)

Chinese National Flag

China bans export of rare earth processing tech over national security

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-820x547.jpg" alt="" class="wp-image-438421" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Global-banks-see-no-recession-US-companies-are-more-circumspect-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo</figcaption></figure>



SINGAPORE, Dec 20 (Reuters) &#8211; Heading into 2024, analysts say the U.S. recession they&#8217;d been forecasting for two years isn&#8217;t coming anymore. Everyone else, from companies to investors, is still bracing for a slowdown caused by tepid consumer demand.



Dissonance between the habitually bullish investment bank analysts and the more circumspect money managers is not new. What&#8217;s different this time is the level of prudence and caution from some top companies as they outline their plans for next year.



Real money managers are in no doubt about which side to trust. After months of being wrong footed, sell-side analysts are a bit too bullish about growth prospects, Fed rate cuts and a consumption recovery, they say.



&#8220;Take a grain of salt maybe to measuring the efficacy of some of these sell-side forecasts,&#8221; says Patrick McDonough, a portfolio manager for PGIM Quantitative Solutions. &#8220;I would be a little bit more on the side of the companies.



Consensus forecasts from major banks, including Goldman Sachs, Morgan Stanley, UBS and Barclays, are for global growth to be constrained in 2024 by elevated interest rates, pricier oil and a weakened China, but with low odds for a recession. A year ago, many banks were forecasting a U.S. recession.



Businesses are sounding more grim than they did last year. In its collection of management commentary from 150 earnings calls in the third-quarter reporting season, Deutsche Bank last month said companies broadly characterized demand as being somewhat weak, but not alarmingly so. Companies have continued to cut inventories as they adjust to sluggish demand for goods.



The words used by companies to describe demand included soft, sluggish, slow, lackluster, choppy, muted, constrained, challenging, weak, pressured and uneven, Deutsche said.



Retailer Walmart said earlier this month that while it has been surprised by the resilience of the consumer this year in the face of rising prices, that behaviour was changing and it was turning cautious.



Walmart&#8217;s chief financial officer John David Rainey told a Morgan Stanley consumer and retail conference earlier this month the firm wasn&#8217;t trying to ring an alarm bell, but that caution was &#8220;certainly a departure from what we saw in the first three quarters of the year&#8221;.



In its latest earnings transcript, discount chain Dollar General said gross profit was down, interest expenses had climbed and that it anticipated &#8220;customer spending may continue to be constrained as we head into 2024, especially in discretionary categories.&#8221;



Consumer giant Procter &amp; Gamble sounded a more optimistic note. Andre Schulten, the company&#8217;s chief financial officer, recently said P&amp;G was able to grow its share of volume and value in U.S. markets in the latest quarter, noting the &#8220;consumer remains strong.



The disconnect does not perturb fund managers. What matters to them however is whether the Federal Reserve manages to avert recession and yet contain inflation, without hurting consumers.



After leaving markets guessing for months, the Fed&#8217;s most recent update shows it recognizes that need for balance and that officials are sensitive to the risks of over-tightening policy and pushing the economy into a faster than necessary slowdown.



Several companies are already feeling the slowdown.



&#8220;The consumer is starting to slow down a little bit and the consumer-based companies, which really are almost all the big companies at this point, are starting to talk about that,&#8221; said PGIM&#8217;s McDonough. The global asset manager has $1.27 trillion in assets.



Consumer spending has indeed been cooling, as per surveys from the Institute for Supply Management (ISM). A November survey from the Conference Board showed about two-thirds of consumers still perceived a recession to be &#8220;somewhat&#8221; or &#8220;very likely&#8221; to happen over the next year.



RECESSION IS COMING?



The past two years haven&#8217;t been easy for macro pundits trying to reconcile the drivers of a post-pandemic bounce and trillions of dollars worth of stimulus in global markets alongside hawkish central banks.



Indicators from manufacturing surveys to an inverted U.S. yield curve and a bumper fiscal spending plan all screamed slowdown, or even recession.



Reuters polls conducted through 2022 and until mid-2023 consistently showed economists&#8217; median probability for a U.S. recession within a year were above 60%. That probability is now closer to 45%.



&#8220;To be fair, it&#8217;s been a difficult year,&#8221; said Chris Rands, a senior portfolio manager with the global multi-asset team at Nikko Asset Management.



&#8220;If you were to go back and look historically, if you use U.S. lead indicators, for example, they&#8217;ve been telling you that the U.S. should have entered a recession 12 months ago.&#8221;



&#8220;But if you&#8217;ve been able to make that argument for 12 months, you&#8217;ve potentially got egg on your face.&#8221; Big banks forecast the global economy slowing in 2023, with a likely U.S. recession. Even the most bullish forecasts had the S&amp;P 500 rising about 9% in 2023. It has rallied 21% so far.



In 2022, sell-side analysts from major banks expected growth to stumble but for stocks to keep rising. The S&amp;P 500 fell 19% that year.



Forecasts for 2024 are more conservative, and laced with caveats. Even the most bullish Street forecasts for US stocks are for single-digit gains.



&#8220;Companies talk to their bankers and to economists and consultants, and so on. And so they are all getting the same picture, which is there&#8217;s going to be a slowdown,&#8221; said Deutsche Bank&#8217;s Thatte.



&#8220;They are biding their time and being cautious which makes sense. And so if growth picks up, they will respond accordingly.&#8221;



(Additional reporting by Rae Wee Graphics by Sarupya Ganguly; Editing by Anna Driver)

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

Global banks see no recession, US companies are more circumspect

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-820x547.jpg" alt="" class="wp-image-431887" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1815432571.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees arrive at the Blue Zone on day three of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on Saturday, Dec. 2, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to Dubai to talk about arresting the world&#8217;s slide toward environmental catastrophe. Photographer: Annie Sakkab/Bloomberg via Getty Images</figcaption></figure>



LONDON, Dec 19 (Reuters) &#8211; After winning a fraught bid to host next year&#8217;s United Nations climate talks in Baku, a senior Azerbaijani official promoted the country&#8217;s gas reserves in aiding the global the energy transition.



&#8220;Azerbaijan is also a gas exporting country, and gas &#8211; if you compare it with some other sources of energy &#8211; is a much cleaner sort of energy,&#8221; said Hikmet Hajiyev, foreign policy adviser to President Ilham Aliyev, in a meeting with reporters on Tuesday. &#8220;Azerbaijan has quite serious potential of gas,&#8221; he said.



The country has an estimated 2.5 trillion cubic metres of natural gas reserves, according to the 2021 BP Statistical Review of World Energy.



While the global warming emissions from burning natural gas are lower than those from coal or oil, they remain much higher than green energy sources.



Climate scientists have said that rising production of natural gas is emerging as one of the biggest drivers of climate change, and could cripple efforts to limit warming to 1.5 degrees Celsius above preindustrial levels.



The decision this month at COP28 talks in the UAE to host COP29 in Baku resolved months of geopolitical deadlock over the location of the 2024 U.N. climate summit.



Azerbaijan&#8217;s bid received approval from nearly 200 countries, including longtime adversary Armenia, which have recently agreed to basic peace treaty principles after decades of conflict.



&#8220;I am glad that we found a way out of the situation,&#8221; said Hajiyev. &#8220;Now, we can build a coalition between climate action and the peace agenda&#8221;.



But climate campaigners have raised concerns about again holding the U.N. climate talks in another oil producing nation.



Asked to respond to such criticisms, Hajiyev said oil-exporting nations should lead by example and that hosting the summit was complementary, not a paradox.



He added the country, which is a member of OPEC+, supported a &#8220;transitional approach&#8221; to moving away from fossil fuels, rather than an immediate phase out.



&#8220;When will we stop (drilling)? I don&#8217;t have a clear answer for that,&#8221; said Hajiyev, noting the country had to meet standing contracts with business partners. BP is Azerbaijan&#8217;s largest foreign investor.



Hajiyev said there was still a need for fossil fuels beyond energy demand, including their use in plastics &#8211; which are also the subject of an international treaty under negotiation that could curtail their use.



&#8220;We should be very realistic and have a broader vision with regards to fossil fuels,&#8221; he said.



Hajiyev also highlighted the country&#8217;s new investments in green energy, including wind and solar, and efforts to construct an electric cable under the Black Sea to transfer green Azeri energy from planned Caspian Sea windfarms to Europe. (Reporting by Gloria Dickie; editing by David Evans)

Day Three of COP28 Climate Conference

COP29 climate summit host Azerbaijan touts country’s gas potential

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg" alt="" class="wp-image-423316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/</figcaption></figure>



WASHINGTON, Dec 18 (Reuters) &#8211; The International Monetary Fund&#8217;s governing body has approved a 50% increase in quota resources to be contributed by member countries in proportion to their current IMF shareholding, bringing total quotas to $960 billion, the IMF said on Monday.



Governors representing nearly 93% of the total voting power of the fund voted for the 50% increase the IMF&#8217;s executive board recommended last month, exceeding the 85% required. The voting deadline ended on Friday.



The quota increase, which follows years of extensive discussions among members, will become effective by Nov. 15, 2024 once member countries agree to their respective quota changes, which requires legislative approval in many cases.



The decision largely follows a U.S.-backed plan that would enhance IMF lending resources but delay any IMF shareholding increases for China, India, Brazil and other fast-growing emerging market economies.



But the governors asked the IMF to develop possible approaches for a new quota formula by June 2025, in line with the executive board&#8217;s recommendation.



The 50% increase in quota funding &#8212; equivalent to about $320 billion at current exchange rates &#8212; will not increase the fund&#8217;s overall lending firepower of about $1 trillion, but would shift the composition to about 70% more permanent resources while reducing reliance on borrowed resources, the IMF said.



IMF Managing Director Kristalina Georgieva called the decision &#8220;a strong vote of confidence for the work of the Fund. It will reduce the reliance of the Fund on borrowed resources, restore the primary role of quotas in our lending capacity and reinforce the role of the IMF at the center of the Global Financial Safety Net,&#8221; she said.



Georgieva said the move would strengthen the IMF’s capacity to help &#8220;safeguard global financial stability and respond to members’ potential needs in an uncertain and shock-prone world.&#8221;



Currently, the IMF relies on bilateral borrowing arrangements and pledges to a crisis lending fund called the New Arrangements to Borrow. The executive board will discuss proposals for reducing the crisis lending fund in early 2024. Zuzana Murgasova, deputy director of the IMF&#8217;s finance department, told Reuters that work on the guidance for a further quota realignment would begin very soon, but declined to provide further details since the discussions were confidential.



&#8220;What is really important is that the membership has recognized that this is an urgent priority, and the work will start very soon,&#8221; she said.



Murgasova said the governors&#8217; votes were also confidential, and declined to say which country or countries did not approve the quota increase. (Reporting by Andrea Shalal, Editing by Franklin Paul and Josie Kao)

FILE PHOTO: Man walks past the IMF logo at HQ in Washington

IMF governors approve 50% increase in lending resources with no shareholding changes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg" alt="" class="wp-image-420940" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1319228121-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China&#8217;s national flag in Hong Kong. Photographer: Paul Yeung/Bloomberg</figcaption></figure>



BEIJING, Dec 19 (Reuters) &#8211; China is able to achieve economic growth of 5% in 2024, Wang Yiming, a policy adviser to the central bank, said on Tuesday.



China&#8217;s economy is likely to grow 5% next year, if investment rises 4-5%, consumption rises 6-7%, and exports return to growth, Wang told an economic forum in Beijing.



China has space to step up support for the economy, given that its central government debt burden is relatively low and consumer prices are also low, Wang said.



China&#8217;s consumer prices fell at the fastest rate in three years in November.



Wang said China may be able to cut interest rates as the Federal Reserve has likely stopped raising its own rates, although a wide interest rate gap between the two countries and worries about the impact on banks could act as constraints.



At the annual Central Economic Work conference held from Dec. 11-12, Chinese leaders pledged to adjust policy to support an economic recovery in 2024.



China&#8217;s growth is expected to hit the government&#8217;s target of around 5% this year. (Reporting by Albee Zhang and Kevin Yao; Editing by Kirsten Donovan)

China can achieve 5% economic growth in 2024, c.bank adviser says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-820x461.jpeg" alt="" class="wp-image-436114" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond.



With the inflation rate easing and the economy holding in, policymakers on the Federal Open Market Committee voted unanimously to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.&nbsp;



Along with the decision to stay on hold, committee members penciled in at least three rate cuts in 2024, assuming quarter percentage point increments. That’s less than market pricing of four, but more aggressive than what officials had previously indicated. 



Markets had widely anticipated the decision to stay put, which could end a cycle that has seen 11 hikes, pushing the fed funds rate to its highest level in more than 22 years. There was uncertainty, though, about how ambitious the FOMC might be regarding policy easing. Following the release of the decision, the Dow Jones Industrial Average jumped more than 400 points, surpassing 37,000 for the first time.



The committee’s “dot plot” of individual members’ expectations indicates another four cuts in 2025, or a full percentage point. Three more reductions in 2026 would take the fed funds rate down to between 2%-2.25%, close to the long-run outlook, though there was considerable dispersion in the estimates for the final two years. 



Markets, though, followed up the meeting and Chair Jerome Powell’s press conference by pricing in an even more aggressive rate-cut path, anticipating 1.5 percentage points in reductions next year, double the FOMC’s indicated pace.



In a possible nod that hikes are over, the statement said that the committee would take multiple factors into account for “any” more policy tightening, a word that had not appeared previously. 



“While the weather is still cold outside, the Fed has suggested a potential thawing of frozen high interest rates over the next few months,” said Rick Rieder, chief investment officer of global fixed income at asset management giant BlackRock.



Along with the interest rate hikes, the Fed has been allowing up to $95 billion a month in proceeds from maturing bonds to roll off its balance sheet. That process has continued, and there has been no indication the Fed is willing to curtail that portion of policy tightening.&nbsp;



<h2 class="wp-block-heading" id="h-inflation-eased-over-the-past-year"><a></a>Inflation ‘eased over the past year’</h2>



The developments come amid a brightening picture for inflation that had spiked to a 40-year high in mid-2022.&nbsp;



“Inflation has eased from its highs, and this has come without a significant increase in unemployment. That’s very good news,” Chair Jerome Powell said during a news conference.



That echoed new language in the post-meeting statement. The committee added the qualifier that inflation has “eased over the past year” while maintaining its description of prices as “elevated.”&nbsp;Fed officials see core inflation falling to 3.2% in 2023 and 2.4% in 2024, then to 2.2% in 2025. Finally, it gets back to the 2% target in 2026.



Economic data released this week showed both consumer and wholesale prices were little changed in November. By some measures, though, the Fed is nearing its 2% inflation target. Bank of America’s calculations indicate that the Fed’s preferred inflation gauge will be around 3.1% year over year in November, and actually could hit a 2% six-month annualized rate, meeting the central bank’s goal. 



The statement also noted that the economy “has slowed,” after saying in November that activity had “expanded at a strong pace.”&nbsp;



In the news conference, Powell said: “Recent indicators suggest that growth in economic activity has slowed substantially from the outsized pace seen in the third quarter. Even so, GDP is on track to expand around 2.5% for the year as a whole.”



Committee members upgraded gross domestic product to grow at a 2.6% annualized pace in 2023, a half percentage point increase from the last update in September. Officials see GDP at 1.4% in 2024, roughly unchanged from the previous outlook. Projections for the unemployment rate were largely unchanged, at 3.8% in 2023 and rising to 4.1% in subsequent years. &nbsp;



Officials have stressed their willingness to hike rates again if inflation flares up. However, most have said they can be patient now as they watch the impact the previous policy tightening moves are having on the U.S. economy. &nbsp;



Stubbornly high prices have exacted a political toll on President Joe Biden, whose approval rating has suffered in large part because of negative sentiment on how he has handled the economy. There had been some speculation that the Fed could be reluctant to make any dramatic policy actions during a presidential election year, which looms large in 2024. 



However, with real rates, or the difference between the fed funds rate and inflation, running high, the Fed would be more likely to act if the inflation data continues to cooperate.

107235681-1683214886781-gettyimages-1252628483-US-WASHINGTON_DC-FED-INTEREST_RATES-HIKE

Fed holds rates steady, indicates three cuts coming in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-820x461.jpeg" alt="" class="wp-image-435715" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107342075-1701452590659-gettyimages-1815420439-AFP_346R8KB.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">COP28 president Sultan Ahmed Al Jaber speaks during the Transforming Food Systems in the Face of Climate Change event on the sidelines of the COP28 climate summit at Dubai Expo on December 1, 2023. Ludovic Marin | Afp | Getty Images</figcaption></figure>



Government ministers representing nearly 200 countries on Wednesday agreed to a deal that calls for a transition away from fossil fuels, after a previous proposal was met with heated and widespread backlash.



“With an unprecedented reference to transitioning away from all fossil fuels, The UAE Consensus is delivering a paradigm shift that has the potential to redefine our economies,” the summit’s UAE presidency said on social media. Dubai has been hosting the conference for the past two weeks against a backdrop of controversy, geopolitical conflicts and increasing extreme weather events.



“We delivered world first after world first,” the UAE summit presidency said in a further social media update. “A global goal to triple renewables and double energy efficiency. Declarations on agriculture, food and health. More oil and gas companies stepping up for the first time on methane and emissions. And we have language on fossil fuels in our final agreement.”



The latest proposal published by the UAE earlier on Wednesday called for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.”



The deal text also urged for “accelerating efforts towards the phase-down of unabated coal power” and for “tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.”



Critically, the proposal did not mandate an absolute phase-out of hydrocarbons.



A “phase-out” commitment would likely have required a shift away from fossil fuels until their use is eliminated, while a “phase down” agreement would have indicated a reduction in their use — but not an absolute end.



Many believed the COP28 summit could only be considered a success if it resulted in a deal to “phase out” all fossil fuels. On Monday, one young climate activist burst onto the stage to call for action on this issue. Licypriya Kangujam, 12, interrupted a presidency event while holding a sign that read: “End fossil fuel. Save our planet and our future.”



The burning of coal, oil and gas is the largest contributor to climate change, accounting for more than three quarters of global greenhouse gas emissions.



The Wednesday announcement comes after a previous draft text published in the final throes of the talks triggered widespread criticism for failing to include language on ending the use of fossil fuels, as negotiations laid bare deep divisions among policymakers over the future of hydrocarbons.



The draft deal of Monday suggested a range of options for countries to accelerate climate action but, crucially, it omitted language regarding a “phase-out” or “phase down” of fossil fuels.



Alok Sharma, the U.K.’s COP26 president, on Tuesday said that only a deal including “very clear” language on the phase-out of fossil fuels and a credible plan to deliver that would be good enough to keep alive the prospect of limiting global warming to 1.5 degrees Celsius.



The 1.5 degrees Celsius threshold is the aspirational global temperature limit set in the landmark 2015 Paris Agreement. Its importance is widely recognized because so-called tipping points become more likely beyond this level.



“If we don’t reach agreement on that language, I think the consequences are going to be grave,” Sharma told CNBC’s “Street Signs Europe.”



“We have seen that 2023 is going to be the hottest year on record, we see climatic events coming thick and fast around the world. And I think the question that world leaders have to ask themselves is, if they are not willing to act now, then when?”



“This is the moment,” he continued. “This is the time in history where we have to step forward, be ambitious, come up with a deal which includes the phase-out of fossil fuels because ultimately the future of our generation, indeed, [of] future generations, absolutely depends upon it.”



<h2 class="wp-block-heading" id="h-how-did-the-talks-unfold">How did the talks unfold?</h2>



COP28 President Sultan Al-Jaber sparked a backlash earlier this month after he claimed there is “no science” behind calls for a phase-out of fossil fuels. His remarks followed reporting by the BBC ahead of the summit that suggested UAE officials were seeking to cash in on their host status to push for oil and gas deals.



A COP28 spokesperson described the documents referred to in the BBC article as “inaccurate.” Separately, Al-Jaber said last week that his team “very much believe and respect the science” and added that he’d been surprised by the “constant and repeated attempts to undermine the work of the COP28 presidency.”



Al-Jaber was seen as a contentious choice to lead COP28 discussions in Dubai given that he also works as the head of the state-run Abu Dhabi National Oil Co.



In an unprecedented start to proceedings on Nov. 30, delegates at COP28 sealed the details of a landmark deal to help the world’s most vulnerable countries pay for the impacts of climate disasters.



The operationalization of the so-called loss and damage fund prompted a standing ovation from delegates in the audience. The historic agreement was hailed as a welcome breakthrough and one that helped to clear the way for policymakers to negotiate on other major issues.



Thereafter, a flurry of announcements sought to help decarbonize the energy sector, with nearly 120 governments pledging to triple renewable energy capacity by 2030. Other initiatives launched at the conference included sizable blocs committing to expand nuclear power and slash methane emissions.

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COP28 climate summit ends with deal to transition away from fossil fuels

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-820x461.jpeg" alt="" class="wp-image-435349" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107314945-1697000883588-gettyimages-1710873524-INDIA_ECONOMY.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk towards the Chhatrapati Shivaji Terminus train station at dusk in Mumbai, India, on Wednesday, Oct. 4, 2023. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



India’s stock market value has overtaken Hong Kong’s to become the seventh largest in the world as optimism about the country’s economic prospects grows.



As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong’s $3.984 trillion, according to data from the World Federation of Exchanges.



India’s Nifty 50 index reached another record high on Tuesday. It has jumped 16% so far this year and is headed for its eighth straight year of gains. In contrast, Hong Kong’s benchmark Hang Seng index has plunged 17% year to date.



India has been a standout market this year in the Asia-Pacific region. Increased liquidity, more domestic participation and improving dynamics in the global macro environment in the form of falling U.S. Treasury yields have all boosted the country’s stock markets.



The world’s most populous country also heads into general elections next year, which analysts predict could be another victory for the ruling nationalist Bharatiya Janata Party.



“For the general election, opinion polls and recent state elections indicate that the incumbent BJP-led government may secure a decisive win, which could trigger a bull run in the first three to four months of the year on expectations of policy continuity,” HSBC strategists said in a client note.



HSBC said banks, health care and energy are the best positioned sectors for next year.



Sectors such as autos, retailers, real estate and telecoms are also relatively well positioned for 2024, while fast-moving consumer goods, utilities and chemicals are among those HSBC categorized as unfavorable.



<h2 class="wp-block-heading" id="h-hong-kong-lags"><a></a>Hong Kong lags</h2>



Hong Kong’s Hang Seng index is poised to notch a fourth year of declines and is the worst performer among major Asia-Pacific equity markets.



Last week, Moody’s cut its outlook for Hong Kong from stable to negative, citing the city’s financial, political, institutional and economic ties to mainland China. That downgrade came soon after Moody’s reduced its outlook for China’s government credit ratings to negative to stable.



In early November, the Hong Kong government said it expects the economy to grow 3.2% in 2023, trimming its GDP growth outlook from the 4% to 5% forecast in August.



The city’s government has warned that increasing geopolitical tensions and tight financial conditions continue to weigh on investments, exports of goods and consumption sentiment. Consumer confidence has also suffered in Hong Kong.



“Hong Kong’s economy is poised for a soft landing in 2024 as annual real GDP growth moderates to around 2% from 2023′s 3.5%,” said economists at DBS.



“Central to this recovery is mainland tourism revival, fortifying retail and catering sectors.”



China has set a growth target of 5% for 2023. Its third quarter-GDP came in at 4.9%, lifting hopes that the world’s second-largest economy will meet or even exceed expectations.

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India overtakes Hong Kong to become the world’s seventh largest stock market

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-820x461.jpeg" alt="" class="wp-image-433692" style="width:818px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107337934-1700666009902-gettyimages-1244922530-AFP_32P27JV.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Investors looking to enter the wine market should consider factors including quality, rarity and provenance. Jeff Pachoud | Afp | Getty Images</figcaption></figure>



BEAUJOLAIS, FRANCE — “There are few things in life that can’t be enhanced by a fine wine,” reads a translation of a sign in Villefranche-sur-Saône, Beaujolais, as the French wine region marks its new season.



That’s a motto that’s increasingly being applied to investments, as oenophiles and investors alike seek to diversify their portfolios with a more eclectic mix of assets.



With low correlation to the global stock market, a good collection of the alcoholic stuff can be an excellent accompaniment to traditional investments. But not all wines are made equal, and knowing where to start can require a seasoned palate.



“Unlike enjoying a bottle of wine where you open it, you drink it with friends and you have a great time, there are many, many years of learning and understanding that go into appreciating fine wine,” Nick Pegna, Sotheby’s global head of wine and spirits, told CNBC.



“That, I think, is very appealing: It is an intellectual as well as a hedonistic experience for people.”



<h2 class="wp-block-heading" id="h-rewarding-returns"><a></a>Rewarding returns</h2>



Fine wine consistently ranks as one of the best-performing alternative asset classes within the Knight Frank Luxury Investment Index, which compares the annual returns of collectibles including art, watches, cars and handbags.



Over the past 10 years, fine wine prices have risen 149%, the second-highest return of any alternative investment after whiskey (322%) — and well ahead of cars, coins and jewelry.



The most celebrated bottles among them grew even more, with wines from France’s Burgundy region — celebrated for its pinot noir and chardonnay grape varieties — increasing 214% over the same period.



However, as with the aging process itself, investing in fine wine typically takes time and a strong stomach.



Prices fell 11.3% in the year to October, retreating from a high base after a Covid-induced rally, according to the Liv-ex Fine Wine 100 benchmark, which tracks the 100 most traded fine wines on the secondary market.



“It’s not a short-term play; never has been,” said Anthony Maxwell, chief commercial officer at the wine trading marketplace. “Certainly, wine is a five years minimum, it’s a medium outlook and beyond.”



<h2 class="wp-block-heading"><a></a>Honing your taste</h2>



Investors looking to enter the wine market can think of the investment as&nbsp;<a href="https://www.cnbc.com/2023/11/09/how-to-invest-in-art-what-to-buy-where-to-look.html">a piece of art</a>, according to experts, with quality, rarity and provenance all key factors to consider.



“It needs to improve with age in the bottle, there needs to be some brand recognition, and — perhaps crucially — it needs to have a resale value,” Maxwell said.



For that, research is key, said Maxwell, noting that improved access to data over recent years has made it easier for new entrants to assess brands’ ratings, critical acclaim, production processes and consumption rates.



“With better data, with more transparency, it has helped turn what was maybe a bit of a bit of a closed club, a closed shop, into something far more approachable for far more people,” he said.



Still, underneath the facts and figures, investors should also have a true enthusiasm for wine, experts agreed.



“It’s a passion,” Pegna said. “If you don’t enjoy drinking great wines then it becomes a rather boring investment class.”



<h2 class="wp-block-heading"><a></a>Buying at auction</h2>



Wineries and wine merchants can be an excellent starting point for investors looking to access young wines at a lower price to he held for the long term. Auction houses, meanwhile, provide access to already highly esteemed brands and collectible bottles.



Currently underway at Sotheby’s is a year-long sale of 25,000 bottles curated by Taiwanese art collector and businessman Pierre Chen, with auctions being held in Hong Kong, Paris, Burgundy, New York and London through late 2024.



The collection, titled “An Epicurean’s Atlas,” is expected to fetch up to $50 million across the five sales, which Sotheby’s Pegna said spoke to the highly lucrative nature of the market. A magnum of Henri Jayer Vosne Romanee Cros Parantoux 1er Cru, for example, set to garner around $70,000.



“What is clear is that [Chen] was exploring vineyards in Burgundy in the early days before people were really spending much time there. But he’s also taken some expert advice in building it up,” Pegna said.



The sale comes as increased accessibility and a growing consumer base have sparked a boon in the market.



Fine wine auctions at Sotheby’s have almost tripled in value in the past decade, rising from $58 million in 2013 to $158 million in 2022. Over the same period, the number of bidders has increased by nearly 400% and the number of new bidders by almost 500%, two-thirds of whom are in their 30s and 40s.



“There is a huge amount of new interest,” Pegna said. “Nearly half of our new buyers are coming from the U.S., but also the younger demographic.”



<h2 class="wp-block-heading"><a></a>Things to consider</h2>



Unlike many traditional investments, chattels, or tangible assets such as wine, are often exempt from capital gains tax, adding to their appeal. However, it is important to seek local advice and factor in the costs of trade, which can eat into overall returns.



“You’ve got to be prepared to accept 10% on the way in and 10% on the way out,” Maxwell said.



Depending on the size of the collection, storage is also an important consideration. Experts recommended storing the wine in bond — or authorized storage facilities — which are typically exempt from tax implications, such as VAT, and can help protect the integrity of the bottles.



They can also prevent any “fits of enthusiasm” to taste it, Pegna noted.



Lastly, decide ahead of time which bottles you’re buying to “lay down” — or store — and which you plan to drink.



“Often, people rationalize what they’re doing in terms of investment and then change their minds later on because they come to love the collection and want to drink it,” said Pegna. “If you can, make the decision upfront about what is being bought to lay down and what you’re looking to drink.”



As for the experts’ hot tips for the next investible tipple? Well, according to Maxwell, there’s one often overlooked vintage.



“You could definitely do worse than buying a few cases of 2016 Bordeaux,” he said. “And if everything goes wrong, you’ll have some delicious wine to drink at the end of it.”

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No longer a ‘closed club’: Why fine wine is whetting investors’ appetites

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-820x462.jpeg" alt="" class="wp-image-433063" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107343067-1701767843065-gettyimages-1415687423-yuanybandera7.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese yuan cash bills and chinese flag (money, economy, finance, inflation, crisis) Javier Ghersi | Moment | Getty Images</figcaption></figure>



Ratings agency Moody’s downgraded its outlook on China’s government credit ratings to negative from stable, expecting Beijing’s support and possible bailouts for distressed local governments and state-owned enterprises to diminish China’s fiscal, economic and institutional strength.



Moody’s though retained China’s “A1” long-term rating on the country’s sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030.



Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said.



The move underscores concerns over rising debt levels and the impact on broader growth in the world’s second-largest economy as Beijing resorts to fiscal stimulus to support local governments and contain the spiraling debt crisis among the country’s property developers.



“The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,” Moody’s said in a statement issued Dec. 5.



“These trends underscore the increasing risks related to policy effectiveness, including the challenge to design and implement policies that support economic rebalancing while preventing moral hazard and containing the impact on the sovereign’s balance sheet,” Moody’s added.



China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday’s closing level, according to Reuters data.



<h2 class="wp-block-heading" id="h-beijing-disappointment"><a></a>Beijing disappointment</h2>



China’s Finance Ministry expressed its disappointment with Moody’s downgrade decision.



“Moody’s concerns about China’s economic growth prospects and fiscal sustainability are unnecessary,” the ministry said in a statement Tuesday.



“Since the beginning of this year, in the face of the complex and severe international situation, and against the background of unstable global economic recovery and weakening momentum, China’s macro economy has continued to recover and high-quality development has steadily advanced,” the ministry added.



The central government said Oct. 24 that it had formalized a process allowing local governments to borrow funds for the year ahead — starting in the preceding fourth quarter, according to an announcement published by state media.



Beijing also announced a rare mid-year fiscal revision, which included the issuance of 1 trillion yuan in ($137 billion) in government debt — one of the biggest changes to the national budget in years. The amount was for the reconstruction of areas hit hard by natural disasters — such as this summer’s historic floods — and for catastrophe prevention.



Moody’s also cited the 1.6 trillion yuan increase in central government transfers to regional and local governments in 2022 from 2021, which partly but only temporarily offset the 2 trillion yuan in lost land sales revenue, as a key development that factored in its thinking.

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Moody’s cut China’s credit outlook to negative on rising debt risks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-820x462.jpeg" alt="" class="wp-image-433000" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. Sean Gallup | Getty Images News | Getty Images</figcaption></figure>



DUBAI, United Arab Emirates — Nearly 2,500 fossil fuel lobbyists are estimated to have been granted access to the COP28 climate conference in the United Arab Emirates, according to an analysis from advocacy groups, reflecting a sharp increase from last year.



A report published Tuesday by the Kick Big Polluters Out coalition found that at least 2,456 fossil fuel lobbyists registered to attend the two-week long summit. That’s more than almost every other country delegation, except for Brazil (3,081) and COP28 host the United Arab Emirates (4,409), the analysis said.



The findings come at the mid-way point of COP28 and as a fight over the future of fossil fuels takes center stage.



Campaigners say the number of fossil fuel lobbyists attending the talks is “beyond justification” and signals that polluting industries are seeking to advance a fossil fuel agenda at the expense of frontline communities.



Others, however, including former U.S. energy secretary Ernest Moniz, said that Big Oil’s participation at COP28 should be welcomed.



The International Energy Agency said in the run-up to the talks that the oil and gas industry faces a “moment of truth” about their role in the global energy system and the deepening climate crisis.



A COP28 spokesperson was not immediately available to comment when contacted by CNBC.



“2023 was a year like no other. Record temperatures, record levels of emissions, and now we see a record attendance from Big Polluters at UN climate talks,” said Muhammed Lamin Saidykhan, head of building movement power at Climate Action Network International, a global network of civil society organizations.



“The window to preserve a liveable planet is rapidly closing. At the same time, ever greater numbers of Big Polluters are allowed to roam around this summit, which communities on the frontlines cannot afford to have fail again,” they added.



<h2 class="wp-block-heading" id="h-phase-out-vs-phase-down"><a></a>Phase out vs. phase down</h2>



The surge in the number of fossil fuel lobbyists attending the U.N. climate talks follows a growing call from public officials, U.N. constituencies and civil society groups to eject polluters from the talks.



For many at the U.N. talks, which are being held in Dubai through Dec. 12, COP28 can only be recognized as a success if it results in a deal to phase out all fossil fuels, the burning of which is the chief driver of the climate crisis. 



Not everyone is on board with calls for a phase-out. Russia has said it would oppose this language being used in the final agreement, while COP28 host the United Arab Emirates has signaled its preference for a phase-down.



The language of the final agreement will be closely monitored. A “phase out” commitment would likely require a shift away from fossil fuels until their use is eliminated, while a “phase down” could indicate a reduction in their use — but not an absolute end.



There’s also a debate about whether an agreement should center on “abated” fossil fuels, which are trapped and stocked with carbon capture and storage technologies. “Unabated” fossil fuels are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases.



In an unprecedented start to proceedings on Thursday, delegates at COP28 sealed the details of a landmark deal to help the world’s most vulnerable countries pay for the impacts of climate disasters.



A flurry of COP28 announcements have since sought to help decarbonize the energy sector, with nearly 120 governments on Saturday pledging to triple renewable energy capacity by 2030.

107341231-1701347766420-gettyimages-1820060220-sg010469_yhnqzvre

‘Beyond justification’: Record number of fossil fuel lobbyists attend COP28 climate talks in Dubai

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-820x546.jpg" alt="" class="wp-image-413517" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/OPE7YIE4FFKHXEB7VSKA4T76K4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Secretary of State Antony Blinken speaks during the release of the &#8220;2020 Country Reports on Human Rights Practices&#8221; at the State Department in Washington, DC, U.S., March 30, 2021. Mandel Ngan/Pool via REUTERS/File Photo</figcaption></figure>



WASHINGTON, Dec 4 (Reuters)&nbsp;&#8211;&nbsp;The United States on Monday expanded a visa restriction policy on Ugandan officials to include those it believes are responsible for undermining democracy and repressing marginalized groups in Uganda, while also announcing a new visa restriction policy for officials in Zimbabwe.



U.S. Secretary of State Antony Blinken announced the visa restrictions and mentioned, among others, the marginalization of groups like the LGBT community in Uganda and civil society advocates in Zimbabwe. Blinken&#8217;s statements did not name any official.



Uganda&#8217;s anti-LGBTQ law, considered one of the harshest in the world, was enacted in May and carries the death penalty for &#8220;aggravated homosexuality,&#8221; an offence that includes transmitting HIV through gay sex.



In June, the U.S. State Department imposed visa restrictions on Ugandan officials after the passage of the law. The State Department also previously put visa restrictions on Ugandan officials following the country&#8217;s 2021 elections, which it called &#8220;flawed.&#8221;



&#8220;Today, I am announcing the expansion of the visa restriction policy to include current or former Ugandan officials or others who are believed to be responsible for, or complicit in, undermining the democratic process in Uganda or for policies or actions aimed at repressing members of marginalized or vulnerable populations,&#8221; Blinken said on Monday.



&#8220;These groups include, but are not limited to, environmental activists, human rights defenders, journalists, LGBTQI+ persons, and civil society organizers.&#8221;



Blinken also announced a new visa restriction policy for those he said were undermining democracy in Zimbabwe.



Zimbabwean President Emmerson Mnangagwa won a second term in a disputed vote in August, which the opposition described as a &#8220;gigantic fraud&#8221; amid criticism from election observers who say the election failed to meet regional and international standards.



&#8220;Anyone who undermines the democratic process in Zimbabwe &#8211; including in the lead-up to, during, and following Zimbabwe&#8217;s August 2023 elections &#8211; may be found ineligible for U.S. visas under this policy,&#8221; Blinken said.



(Reporting by Kanishka Singh in Washington; Editing by Leslie Adler and Sandra Maler)

FILE PHOTO: “2020 Country Reports on Human Rights Practices” release at the State Department in Washington

US restricts visas for Uganda, Zimbabwe officials, citing repression

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-820x462.jpeg" alt="" class="wp-image-429017" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023.
Kevin Dietsch | Getty Images News | Getty Images</figcaption></figure>



Dubai, UNITED ARAB EMIRATES — The head of the International Monetary Fund on Sunday underlined the case for carbon pricing at the COP28 climate summit, saying that the oil and gas industry recognizes “the writing on the wall.”



A long-time proponent of carbon pricing, IMF Managing Director Kristalina Georgieva said this approach creates an incentive for polluters to rapidly decarbonize.



Carbon pricing ascertains the cost that a company needs to pay for its planet-warming emissions and is widely regarded as the most cost-effective and flexible way to cut such pollution.



The IMF recently raised its average price forecast to $85 a ton by the end of the decade, up from a previous forecast of $75. Underlining the scale of the challenge, Georgieva said the current average price is around $20 per ton.



“For those that have adopted a carbon price, how do we get big emitters to accept that we need to accelerate decarbonization?” Georgieva told CNBC’s Dan Murphy at the COP28 conference.



“Well, two things. One, without a carbon price, it won’t happen fast enough. So, we have to move to that incentive,” she said.



“Two, Mother Nature is helping us because countries rich and poor are already experiencing the devastating force of climate change.”



Her comments come as policymakers and business leaders convene in Dubai for the U.N.’s two-week long climate summit, which is scheduled to end on Dec. 12.



The conference is a pivotal opportunity to accelerate climate action, at a time when the world is on track to record its hottest year on record and as extreme weather events take their toll across the globe.



For the IMF chief, COP28 marks an important opportunity for countries to reassess policies that incentivize the use of fossil fuels. She stressed that government subsidies for coal, oil and gas hit $1.3 trillion last year.



“Now we have to pull this gradually and substitute with the other part of the incentive, which is pricing. I want to tell everybody who is willing to listen that a carbon price has [been] proven to work,” Georgieva said, adding that existing schemes — such as the EU’s Emissions Trading System — have registered a rapid reduction of emissions.



“Two, it generates revenues. The same European Union got 175 billion euros ($191 billion) collected from [a] carbon price,” she said.



“Three, it can be fair. It is fair first, because the more you pollute, the more you pay, and the less you pollute, the less you pay. But also, many countries [can] take some of this money and give it back, especially to the vulnerable people.”



Asked about the role of the oil and gas industry at COP28 and how to get Big Oil on side with carbon pricing, Georgieva said, “One of the good news that comes from research is that we are going to see the peak of oil and gas in this decade. Consumption is then going to gradually going down.”



“One of the great news from COP is a commitment to triple renewables in energy within the next years. Where the power of COP has come is by mobilizing the voices of people and that is already happening. I cannot think of any industry that is willing to be the enemy of the people,” she continued.



“I think that oil and gas is seeing the writing on the wall. We see many of the oil-producing countries diversifying quite rapidly and we also see an investment coming from money generated from oil into renewables [at] scale.”

107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3

IMF chief makes the case for carbon pricing as ‘writing on the wall’ for oil and gas

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-820x429.jpg" alt="" class="wp-image-432579" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/AA1kWCq1.jpg 1910w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traffic_analyzer | Istock | Getty Images</figcaption></figure>



Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue.



Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.



Prices of the yellow metal have risen for two consecutive months with the Israel-Palestinian conflict boosting demand for the safe-haven asset, while expectations of interest rate cuts have provided further support. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.



“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” UOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, told CNBC via email. He estimated that gold prices could reach up to $2,200 by the end of 2024.



Similarly, another analyst is bullish on bullion’s outlook.



“There is simply less leverage this time around vs 2011 in gold &#8230; taking prices through $2,100 and putting $2,200/oz in view,” said Nicky Shiels, head of metals strategy at precious metals firm&nbsp;MKS PAMP.



<h2 class="wp-block-heading" id="h-all-that-glitters-is-gold"><a></a>All that glitters is gold</h2>



Spot gold prices rose to a new record high of $2,110.8 per ounce Monday before giving up some gains. It is currently trading at $2,084.59.



On Friday, gold touched $2,075.09 to surpass a precious intraday record high of $2,072.5 on Aug. 7, 2020, according to LSEG data.



Bart Melek, head of commodity strategies at TD Securities, expects gold prices to average $2,100 in the second quarter of 2024, with strong central bank purchases acting as a key catalyst in boosting prices.



According to a recent survey by the World Gold Council, 24% of all central banks intend to increase their gold reserves in the next 12 months, as they increasingly grow pessimistic about the U.S. dollar as a reserve asset.



“This means potentially higher demand from the official sector in the years to come,” Melek said.



A possible policy pivot by the Fed in 2024 could also be on the cards, he added. Lower interest rates tend to weaken the dollar and a softer dollar makes gold cheaper for international buyers thus driving up demand.



The Fed started its steady stream of rate hikes in March 2022 as inflation climbed to its highest in 40 years, diminishing gold’s appeal. 



Higher interest rates hurt demand for gold, which does not pay any interest, as assets such as bonds become more lucrative due to their higher yields.



On Nov. 29, Fed Governor Christopher Waller said he envisioned easing policy if inflation data continues to ease over the next three to five months, prompting analysts to forecast a spike in gold prices.



On Friday, while Fed Chairman Jerome Powell pushed back on expectations for aggressive interest rate cuts ahead, his remarks indicated the Fed may at least be done hiking for now.



“We believe the main factors buoying gold in 2024 will be interest rate cuts by the U.S. Fed, a weaker U.S. dollar and high levels of geopolitical tension,” BMI, a Fitch Solutions research unit, said in a recent note.

AA1kWCq1

Gold soars past $2,100 to new record — and analysts don’t expect it to stop there

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-820x544.jpg" alt="" class="wp-image-431625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-1536x1019.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel</figcaption></figure>



South Africa&#8217;s National Treasury said on Friday it has issued state-owned rail and ports firm Transnet a support package of 47 billion rand ($2.5 billion) to help with a recovery plan, which includes meeting its immediate debt obligations.



&#8220;The financial support package provided for the entity is a 47 billion rand guarantee facility against which Transnet will drawdown an initial amount of 22.8 billion rand to deal with immediate liquidity matters such as settling maturity debt,&#8221; the National Treasury and the Department of Public Enterprises said in a joint statement.



Transnet has been struggling to provide adequate freight rail and port services due to equipment shortages and maintenance backlogs after years of under-investment. The logistics utility&#8217;s underperformance has impacted commodity exports and other sectors such as manufacturing and retail, weakening Africa&#8217;s most advanced economy.



The company, which has a 130 billion rand debt and recorded a loss of 5.7 billion rand in the financial year to March, has seen freight volumes decline to 150 million metric tons in financial year 2022/23 from 226 million tons in the 2017/18.



Transnet&#8217;s new board is pursuing a recovery plan which seeks to restore freight volumes and return the company to profitability over the next 18 months. The turnaround plan includes splitting the freight rail subsidiary into two &#8211; an infrastructure management company and an operating unit.



The company is also targeting reduced port backlogs and will make another attempt to open up parts of its rail network to private operators after last year&#8217;s false start.



Transnet on Oct. 26 said it had requested funding from government, reported to be around 100 billion rand, including an equity injection, to help fund the recovery efforts.



But the government on Friday said it had not considered an equity injection, saying the budget for the 2023/24 financial year was closed.



Transnet&#8217;s single $1 billion international bond, which matures in 2028, rose on the news, with its price up as much as 1.8 cents to 98.9 cents, its highest price since Aug. 1 according to Tradeweb data. ($1 = 18.8111 rand) (Reporting by Bhargav Acharya and Nelson Banya; Additional reporting by Rachel Savage; Editing by Sonali Paul, Tom Hogue and Toby Chopra)

A view shows oil terminal Kozmino near Nakhodka

S.Africa’s Transnet gets $2.5 bln govt support package

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-820x545.jpg" alt="" class="wp-image-431575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-1536x1021.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Cop28-UAE-president-announces-30-bln-fund-to-bridge-climate-finance-gap-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky</figcaption></figure>



DUBAI, Dec 1 (Reuters) &#8211; United Arab Emirates President Sheikh Mohammed Bin Zayed announced on Friday the establishment of a $30 billion climate fund for global climate solutions that it hopes will lead to $250 billion of investment by the end of the decade.



Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency.



In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTÉRRA has committed $6.5 billion to climate-dedicated funds for global investments, including the Global South, the statement said.



ALTÉRRA was established by Abu Dhabi-based alternate investment manager Lunate, and COP28 Director-General Majid Al Suwaidi will serve as ALTÉRRA&#8217;s chief executive officer. (Reporting by William James; Writing by Nadine Awadalla; Editing by Susan Fenton and Sharon Singleton)

U.N.’s COP28 climate summit in Dubai

Cop28 – UAE president announces $30 bln fund to bridge climate finance gap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium-820x462.jpg" alt="" class="wp-image-431529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Bill-Gates-delivers-a-speech-on-Oct.-11-2023-in-Brussels-Belgium.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill Gates delivers a speech on Oct. 11, 2023 in Brussels, Belgium. Thierry Monasse | Getty Images News | Getty Images</figcaption></figure>



Dubai, UNITED ARAB EMIRATES —&nbsp;<a href="https://www.cnbc.com/quotes/MSFT/">Microsoft</a>&nbsp;co-founder Bill Gates on Friday shared his “big hope” for this year’s U.N. climate conference and said he was “definitely glass half-full” when it comes to preventing the worst of what the climate crisis has in store.



Speaking as world leaders convened in Dubai in the United Arab Emirates on the second day of the&nbsp;<a href="https://www.cnbc.com/cop28/">COP28 summit</a>, Gates said he believed there were many encouraging climate solutions but that these projects required the necessary support from policymakers and business leaders.



“Now, we need to take what looks very promising and scale it up, build the pilot plants, prove those out,” Gates told CNBC’s Tania Bryer on Friday. “And that requires government policies, it requires the big corporations to come in and so all these different communities that have to come together, they are represented here.”



COP28 is the United Nations’&nbsp;<a href="https://www.cnbc.com/2023/11/29/cop28-climate-summit-a-showdown-is-brewing-over-money-oil-and-carbon.html">biggest and most important annual climate conference</a>. The two-week long summit got underway on Thursday, with more than 160 world leaders expected to attend — alongside an estimated 70,000 delegates.



It is regarded as a pivotal opportunity to accelerate action to address the climate crisis at a time when global temperatures are&nbsp;<a href="https://www.cnbc.com/2023/11/08/climate-scientists-warn-2023-likely-to-be-the-hottest-year-on-record.html">hitting record highs</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/2023/08/04/south-america-argentina-and-chile-gripped-by-extreme-mid-winter-heat.html">extreme weather events</a>&nbsp;are affecting people worldwide.



“You know, I think 70,000 people and it seems like wow, do we need that many? But in fact, a lot of meetings here will be where those companies get the backing and the kind of experience of big companies, the government help and these entrepreneurs are going to come together,” Gates said.



“And so, facilitating the speed of innovation and the speed of the scale up, that’s my big hope for COP28.”



<h2 class="wp-block-heading" id="h-magic-of-invention-and-scale-up"><a></a>‘Magic of invention and scale-up’</h2>



Asked about criticism of conferences such as COP28, given that some feel they are often&nbsp;<a href="https://www.cnbc.com/2021/11/05/greta-thunberg-says-cop26-climate-summit-is-a-failure-and-a-pr-event.html">all talk and no action</a>, Gates defended the platform as a means to help drive progress across the globe.



“The collaboration between those sectors has improved a great deal,” Gates told CNBC.



“We are falling short of our aspirations in many areas and coming and saying, you know, how do we catch up? Can we do better in one area? Which countries are doing particularly well? Are there models from that?”



“It is a super important issue,” he continued. “It’s definitely glass half-full.”



“We haven’t gone as fast as we’d like and yet particularly, if you see in the innovation pavilion, these smaller companies, the ideas cover all the areas of emissions. And there’s hope that many of these clean approaches given time won’t cost extra,” Gates added.



The billionaire philanthropist said the costs of solar electricity and EV batteries have come down.



“And so, that same magic of invention and scale up, if we apply that broadly &#8230; I have hope that despite these delays and incredible complexity that the message coming out of these meetings does help drive progress,” Gates said.

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International

China bans export of rare earth processing tech over national security

Global banks see no recession, US companies are more circumspect

COP29 climate summit host Azerbaijan touts country’s gas potential

IMF governors approve 50% increase in lending resources with no shareholding changes

China can achieve 5% economic growth in 2024, c.bank adviser says

Fed holds rates steady, indicates three cuts coming in 2024

COP28 climate summit ends with deal to transition away from fossil fuels

India overtakes Hong Kong to become the world’s seventh largest stock market

No longer a ‘closed club’: Why fine wine is whetting investors’ appetites

Moody’s cut China’s credit outlook to negative on rising debt risks

‘Beyond justification’: Record number of fossil fuel lobbyists attend COP28 climate talks in Dubai

US restricts visas for Uganda, Zimbabwe officials, citing repression

IMF chief makes the case for carbon pricing as ‘writing on the wall’ for oil and gas

Gold soars past $2,100 to new record — and analysts don’t expect it to stop there

S.Africa’s Transnet gets $2.5 bln govt support package

Cop28 – UAE president announces $30 bln fund to bridge climate finance gap

Bill Gates shares his ‘big hope’ for COP28 as world leaders gather for climate talks

News Tips

Advertise With Us

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